DailyMirror.lk:
Minister taking steps to appoint a treasurer to oversee fuel transactions in future
The oil hedging deal was a totally unsuccessful move, Petroleum Minister Susil Premajayantha admitted in Parliament yesterday.
The Minister said that he is now taking steps to appoint a treasurer to oversee fuel transactions in future. “We will appoint a resource person to strike forward transaction deals in this regard,” he said.
The Minister was responding to a question by UNP MP Ravi Karunanayake on the matter. Mr. Premajayantha said the fuel price had risen to US $ 102 a barrel now. Accordingly, the cost of petrol has to be Rs. 118 a litre now in the local market though the government sells it at Rs. 115.
Mr. Karunanayake said that the government would be compelled to pay billions of rupees to the foreign banks involved in the hedging deal as compensation.
However, the Minister replied that the judgment had been reserved now by the Singapore Arbitration panel.
“If there were any compensation to be paid, it would have to be borne by the Ceylon Petroleum Corporation,” he said.